Although the NFIB small business optimism index in the United States fell for a second straight month to 95.7 in February, there were some notable insider trading.
When insiders sell shares, it indicates that they are concerned about the prospects of the company or that they consider the stock to be overvalued. Either way, this signals an opportunity to go short on the stock. Insider selling should not be considered the sole indicator for making an investment or trading decision. At best, it can lend conviction to a selling decision.
Below is an overview of some recent notable insider sales. To find out more, see Benzinga Insider Trading Platform.
- The exchange: California Resource Company (NYSE: CRC) 10% owned Ares Partners Holdco Llc sold a total of approximately 93,800 shares at an average price of $42.79. The insider received approximately $4.01 million as a result of the transaction.
- What is happening: The company recently reported upbeat quarterly sales.
- What California Resources do: California Resources Corp is an independent oil and gas company committed to the sector’s energy transition. The company has one of the lowest carbon productions in the United States.
- The exchange: Velodyne Lidar, Inc. (NASDAQ: VLDR) 10% Owner David S Hall sold a total of 5,600,000 shares at an average price of $2.21. The insider received approximately $12.38 million from the sale of these shares.
- What is happening: The company recently released positive quarterly results.
- What Velodyne Lidar does: Velodyne Lidar Inc provides smart and powerful lidar solutions. It is known for its large portfolio of lidar technologies.
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Centennial Resource Development
- The exchange: Centennial Resource Development, Inc. (NASDAQ: CDEV) Director Silver Run Sponsor Manager Llc sold a total of 10,000,000 shares at an average price of $8.15. The insider received approximately $81.5 million as a result of the transaction.
- What is happening: Centennial Resource Development recently reported better-than-expected fourth-quarter EPS and sales results and announced a $350 million buyout.
- What Centennial Resource Development does: Centennial Resource Development Inc is an independent oil and gas company focused on the development and acquisition of unconventional oil and associated liquids-rich natural gas reserves in the Permian Basin.
- The exchange: Arista Networks, Inc. (NYSE: ANET) Chief Development Officer Andreas Bechtolsheim sold a total of 200,000 shares at an average price of $119.53. The insider received approximately $23.91 million from the sale of these shares.
- What is happening: Arista Networks recently announced better-than-expected fourth quarter adjusted sales and EPS results and released first quarter sales guidance above estimates.
- What Arista Networks does: Arista Networks is a software and hardware provider for the network solutions industry. Operating as a single business unit, software, switch and router products are for high-performance networking applications, while services revenue comes from technical support.
Core Point Hosting
- The exchange: CorePoint Hosting Inc. (NYSE: CPLG) 10% owned Blackstone Real Estate Partners Dc Ivte sold a total of 17,586,538 shares at an average price of $15.99. The insider received approximately $281.21 million from the sale of these shares.
- What is happening: The company has a market capitalization of approximately $945 million.
- What CorePoint Lodging does: CorePoint Lodging Inc is a lodging real estate investment trust strategically focused on serving the midscale and upper midscale select service lodging segments.
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